Sad news from Iowa:
Dear Friends of Impetus Press,
We hate to have to be writing this letter, but we are currently in the process of closing down Impetus Press. We have been hit with a procession of distribution-related problems which have put us into a financial situation that is forcing us to close our doors. For the better part of the year, we have been paying very high return fees to our distributor—many generated by books being sent back by the currently less-than-stable Borders—fees which have slowly been bleeding us dry. Unfortunately, we are unable to leave our distributor for a smaller firm, which would help keep down our monthly fees, due to the high cost breaking our contract would inflict. Try as we might, we have been unable to figure a way out of this situation as we have never been long on capital and with the economy being in such a disastrous state, there is no hope of finding any money from an outside source.
We are terribly sorry that things worked out this way. As much as it hurts to lose our business, the feeling of letting down our authors is even worse. We have always loved the close relationship we share with our authors and have prided ourselves on having them much more involved throughout the publication process than they would be at many other presses. We are doing our best to make sure that they come out of this as unscathed as possible. For those authors whose books have not yet been published, we are working on placing their titles with other houses.
Thank you so much for your support over the last few years. We truly feel that we have put out some wonderful books and have helped to nurture the careers of some fantastic authors. Even if Impetus is gone, we are certain that you’ll be hearing much, much more from the authors we have published.
Jennifer Banash and Willy Blackmore
First posted: Wednesday, October 29th, 2008.